- Dogecoin’s price has spiked by about 17 percent in the last 24 hours as Elon Musk’s Twitter takeover nears completion.
- Coinglass data revealed that about $8.69 million Dogecoin futures positions were liquidated in the last 24 hours.
As billionaire Elon Musk’s Twitter acquisition nears completion, popular meme coin Dogecoin rose by about 16 percent in the last 24 hours. The Tesla CEO’s $44 billion deal will close by Friday, barring unforeseen circumstances. Musk is one of the top advocates of DOGE and once labeled himself as the Dogefather.
So far, his comments about the meme-themed cryptocurrency always influence its price. DOGE’s bullish price movement continued for the second successive day, trading at $0.08, according to the latest data. This price represents a new monthly high for the leading meme coin.
DOGE’s recent price spike follows a 6-week period where it traded below $0.06. keep in mind that 12 months ago, DOGE traded at $0.25. Furthermore, DOGE’s trading volume soared by 196 percent within the same period.
The meme coin has also made over 31 percent gains in the last seven days. Thus, it is the biggest weekly gainer among the top 20 digital assets based on market cap. If this bullish trend continues, DOGE’s market cap might continue to increase till it overtakes Solana.
Dogecoin whales acquisition
Coinglass data revealed about $8.69 million in liquidations on Dogecoin futures positions. The data added that nearly 79 percent of these Dogecoin liquidations were from blown-out short positions. Coincidentally, Shiba Inu (a Dogecoin rival) has also made some gains.
It is up 3.19 percent in the last 24 hours and trades at $0.000011. The leading altcoin (Ethereum) also recorded a decent gain within the same period. Ethereum is up 0.84 percent and trades at $1,548, according to current data.
DOGE’s price spike also coincides with Ethereum’s break out above $1,500. Meanwhile, some crypto whales are publicly revealing that they are loading up more DOGE. Their move is a response to the near completion of Elon Musk’s Twitter purchase.
One such person is Dr. Christopher J. Benek, the CEO of cocreators. On Wednesday, the futurist and technology-loving pastor tweeted that he bought more DOGE.
I bought more Doge.
— Rev. Dr. Doge Christopher Benek (@benekcj) October 27, 2022
On-chain analytics firm Santiment tweeted that DOGE’s whale transactions and trading volumes are now at par with its August levels. The on-chain analytics firm adds that there is usually market polarization when memecoins decouple (move on their own and not follow the general market direction).
🐶 #Dogecoin rose above $0.072 for the first time in 10 weeks on the tail end of #Ethereum's own breakout the past couple days. Both $DOGE whale transactions & trading volume spiked to August levels. Markets generally polarize when #memecoins decouple. https://t.co/9kf2EZz9va pic.twitter.com/nSIAfN7by9
— Santiment (@santimentfeed) October 26, 2022
Memecoins usually bring hundreds of percent profits to investors during uptrends. However, they are often stagnant during bearish seasons and move similarly to assets such as Ethereum. Hence, the meme coin might attract new funds if it decouples from the market.
The increasing activities of whales such as Dr. Benek confirm this fact. As whales invest more in DOGE and it gains market traction, retail investors would likely start investing in the coin.
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